M
marvelanne
Guest
What is the name of your state? NY
In order to protect what money I had from the financial and legal problems my late husband left, I saved some of my children's ssa benefits in custodial accounts. After these issues were resolved, I continued to deposit their money in their accounts, drawing what was needed for their expenses as SSA is for their support. I have now heard many people in similar situations say their kids' money goes directly into their personal checking account and is totally spent. None of it gets saved in the child's name. Have I made a tremendous mistake?
Now that my son has turned 18, I thought I would have to relinquish control of his money to him, but SSA wants it back. I am assuming they will redistribute it to him, but what if I have given him some already, and he will need more very soon for car, college (NO financial aid because of this money), etc.? Does the SSA ever go along with me just giving the money to him? Will they expect some detailed accounting of this? I thought I was doing something good for my kids and it seems it's a big headache now.
In order to protect what money I had from the financial and legal problems my late husband left, I saved some of my children's ssa benefits in custodial accounts. After these issues were resolved, I continued to deposit their money in their accounts, drawing what was needed for their expenses as SSA is for their support. I have now heard many people in similar situations say their kids' money goes directly into their personal checking account and is totally spent. None of it gets saved in the child's name. Have I made a tremendous mistake?
Now that my son has turned 18, I thought I would have to relinquish control of his money to him, but SSA wants it back. I am assuming they will redistribute it to him, but what if I have given him some already, and he will need more very soon for car, college (NO financial aid because of this money), etc.? Does the SSA ever go along with me just giving the money to him? Will they expect some detailed accounting of this? I thought I was doing something good for my kids and it seems it's a big headache now.